Private company

ITC Holdings Corp.

ITC Holdings Corp. is an American electric services company based in Novi.2

Last updated Oct 20, 2026.

Overview

  • IndustryElectric Services2
  • HeadquartersNovi, United States2
  • Incorporated inMI3
  • Business address27175 Energy Way, Novi, Mi 483773
  • Filer categoryNon-accelerated filer3
  • Legal formCorporation (For-Profit)2
  • LEI549300HTO5U9D3SLE2072
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressC/O THE CORPORATION COMPANY, 48170 Plymouth, United States2
  • Registered withCorporations Division (Department of Licensing and Regulatory Affairs), 8006050352

See how the biggest companies compare on our leaderboards

ITC Holdings and our Regulated Operating Subsidiaries provide safe and reliable electric transmission service to connect consumers to cost-effective energy resources. Our Regulated Operating Subsidiaries continue to make investments in a modernized grid to maintain reliability and accommodate future demands as lifestyles and the economy become increasingly dependent on electricity.5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

55.6%Operating margin6
29.2%Net margin6
10.0%Revenue growth, 20256
15.5%Return on equity6
2.34×Debt to equity6
-$419.0MFree cash flow6

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs62¢$1.1B
  • Income tax9¢$159.0M
  • Profit29¢$519.0M

Out of $1.8B in revenue.6

Where each dollar of operating cash went, fiscal 2025

  • Capital spending90¢$1.3B
  • Dividends paid10¢$149.0M

Out of $896.0M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.6

Financial statements

Revenue789106$1.8B in 2025+38% since 2019
0$500.0M$1.0B$1.5B$2.0B2019: $1.3B$1.3B20192020: $1.3B$1.3B2020+0%2021: $1.4B$1.4B2021+5%2022: $1.5B$1.5B2022+9%2023: $1.6B$1.6B2023+6%2024: $1.6B$1.6B2024+3%2025: $1.8B$1.8B2025+10%
Operating income789106$987.0M in 2025+31% since 2019
0$250.0M$500.0M$750.0M$1.0B2019: $755.0M$755.0M20192020: $753.0M$753.0M2020−0%2021: $749.0M$749.0M2021−1%2022: $821.0M$821.0M2022+10%2023: $874.0M$874.0M2023+6%2024: $914.0M$914.0M2024+5%2025: $987.0M$987.0M2025+8%
Net income789106$519.0M in 2025+21% since 2019
0$200.0M$400.0M$600.0M2019: $428.0M$428.0M20192020: $407.0M$407.0M2020−5%2021: $406.0M$406.0M2021−0%2022: $442.0M$442.0M2022+9%2023: $463.0M$463.0M2023+5%2024: $484.0M$484.0M2024+5%2025: $519.0M$519.0M2025+7%
Fiscal year2019202020212022202320242025
Revenue$1.3B7$1.3B8$1.4B9$1.5B10$1.6B6$1.6B6$1.8B6
Operating expenses$600.0M9$645.0M10$671.0M6$711.0M6$799.0M6
Operating income$755.0M7$753.0M8$749.0M9$821.0M10$874.0M6$914.0M6$987.0M6
Interest$224.0M7$240.0M8$251.0M9$269.0M9$315.0M9
Income before tax$533.0M9$588.0M10$619.0M6$632.0M6$678.0M6
Income tax$132.0M7$136.0M8$127.0M9$146.0M10$156.0M6$148.0M6$159.0M6
Net income$428.0M7$407.0M8$406.0M9$442.0M10$463.0M6$484.0M6$519.0M6
Earnings per share
Earnings per share (diluted)

Compare ITC Holdings Corp. with another company

Corporate structure

ITC Holdings Corp. is part of a group headed by Fortis Inc.. 17 entities, 2 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

  • Fortis Inc. St. John'S, Newfoundland and Labrador, Canada
    • FortisAlberta 100% · Calgary, Alberta, Canada
    • ITC Holdings Corp. Novi, Michigan, United States
      • International Transmission Company Subsidiary · Michigan, United States
      • ITC Midwest LLC Subsidiary · Michigan, United States
      • Michigan Electric Transmission Company, LLC Subsidiary · Michigan, United States
      • Michigan Transco Holdings, LLC Subsidiary · Michigan, United States
    • Maritime Electric Charlottetown, Prince Edward Island, Canada
    • Newfoundland Power Inc. St. John's, Newfoundland and Labrador, Canada
    • ALGOMA POWER INC. Subsidiary · 100% · Fort Erie, Canada
    • FortisBC Holdings Inc. Subsidiary · 100% · Vancouver, Canada
    • FortisBC Inc. Subsidiary · 100% · Kelowna, British Columbia, Canada
    • CENTRAL HUDSON GAS & ELECTRIC CORPORATION Subsidiary · Poughkeepsie, New York, United States
    • FORTISBC ENERGY INC. Subsidiary · Surrey, British Columbia, Canada
    • TUCSON ELECTRIC POWER COMPANY Subsidiary · Tucson, Arizona, United States
    • UNS ELECTRIC, INC. Subsidiary · Tucson, Arizona, United States
    • UNS GAS, INC. Subsidiary · Tucson, Arizona, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; subsidiaries, stakes and holdings from Wikidata (CC0). Each entity in the chart links to its source.

What it owns

What ITC Holdings Corp. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Accumulated depreciation$2.9B6 Dec 31, 2025$2.7B6 Dec 31, 2024+6.5%
Property and equipment, net$13.2B6 Dec 31, 2025$12.1B6 Dec 31, 2024+8.8%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$13.0M6 Dec 31, 2025$19.0M6 Dec 31, 2024−31.6%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$950.0M6 Dec 31, 2025$950.0M6 Dec 31, 20240%

Inventory

ItemLatestA year beforeChange
Inventory, total$85.0M6 Dec 31, 2025$78.0M6 Dec 31, 2024+9.0%

Properties, in its own words

Our Regulated Operating Subsidiaries’ transmission facilities are located in Michigan, Iowa, Minnesota, Illinois, Missouri, Kansas, Oklahoma and Wisconsin. Our Regulated Operating Subsidiaries have agreements with other utilities for the joint ownership of specific substations, transmission lines and other transmission assets. See Note 15 to the consolidated financial statements for more information on the jointly owned assets.

Our Regulated Operating Subsidiaries own the assets of transmission systems and related assets, including:

The rest of Item 2

•approximately 16,000 circuit miles of overhead and underground transmission lines rated at voltages of 34.5 kV to 345 kV, along with related transmission towers and poles;

•station assets, such as transformers and circuit breakers, at 714 stations and substations which either interconnect our Regulated Operating Subsidiaries’ transmission facilities or connect our Regulated Operating Subsidiaries’ facilities with generation or distribution facilities owned by others;

•other transmission equipment necessary to safely operate the system (e.g., monitoring and metering equipment);

•warehouses and related equipment; and

•associated land held in fee, rights-of-way and easements.

ITCTransmission owns a corporate headquarters facility and operations control room in Novi, Michigan and a facility in Ann Arbor, Michigan that includes a back-up operations control room, along with associated furniture, fixtures and office equipment for these facilities. ITC Midwest owns an office building in Cedar Rapids, Iowa, along with associated furniture, fixtures and office equipment.

METC does not own the majority of the land on which its assets are located, but under the provisions of the Easement Agreement, METC has an easement to use the land, rights-of-way, leases and licenses in the land on which its transmission lines are located that are held or controlled by Consumers Energy. See “Item 1. Business - Operating Contracts - METC - Amended and Restated Easement Agreement.”

Our Regulated Operating Subsidiaries have issued First Mortgage Bonds and Senior Secured Notes. Under the terms of these instruments, the respective bondholders and noteholders have the benefit of a first mortgage lien on substantially all of the assets of the corresponding debt issuer. See Note 9 to the consolidated financial statements for more information on the outstanding debt of our Regulated Operating Subsidiaries.

The assets of our Regulated Operating Subsidiaries are suitable for electric transmission and adequate for the electricity demand in our service territory. We prioritize capital spending based in part on meeting reliability standards within the industry. This includes replacing and upgrading existing assets as needed.

Item 2 of the 10-K filed Feb 12, 2026.5

Leadership

Who has led ITC Holdings Corp., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Joseph L. Welch2006–2016

Chair

  1. Joseph L. Welch2012–2016

President

  1. Joseph L. Welch2006–2016

Chief financial officer

  1. Edward M. Rahill2006–2008
  2. Cameron M. Bready2009–2014
  3. Rejji P. Hayes2014–2016

Chief operating officer

  1. Jon E. Jipping2007–2016
2010201520202025
Board members and other officers (22)

Subsidiaries and ownership

Parent company (GLEIF)

Subsidiaries (Exhibit 21)

  • ITC Midwest LLC Michigan4
  • International Transmission Company Michigan4
  • Michigan Electric Transmission Company, LLC Michigan4
  • Michigan Transco Holdings, LLC Michigan4

Ownership links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); each one cites its LEI record. The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Apr 1, 20268-K Entered a material agreement; New debt or obligation41
  2. Mar 23, 20268-K Other events42
  3. Mar 12, 20268-K Entered a material agreement; New debt or obligation43
  4. Feb 5, 20268-K Executive or director change; Bylaws or fiscal year changed44
  5. Feb 5, 20268-K Executive or director change; Shareholder vote45
  6. Jan 14, 20268-K Entered a material agreement; New debt or obligation46
  7. Nov 19, 20258-K Executive or director change; Bylaws or fiscal year changed47
  8. Feb 7, 20258-K Executive or director change; Shareholder vote48
  9. Feb 7, 20258-K Executive or director change; Bylaws or fiscal year changed49
  10. Dec 10, 20248-K Entered a material agreement; New debt or obligation50
  11. Nov 4, 20248-K Executive or director change; Bylaws or fiscal year changed51
  12. Aug 2, 20248-K Executive or director change52
  13. Oct 14, 2019Parent Directly consolidated by Fortis Inc.2
  14. Aug 18, 2006New chief executive Joseph L. Welch becomes CEO14
  15. Nov 8, 2002Founded ITC Holdings Corp. is founded2

Filings

56 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 34 major events, 2 other. The latest 20:

  1. Jul 31, 202610-Q EDGAR
  2. Jun 24, 202611-K EDGAR
  3. May 6, 202610-Q EDGAR
  4. Apr 1, 20268-K EDGAR
  5. Mar 23, 20268-K EDGAR
  6. Mar 12, 20268-K EDGAR
  7. Feb 12, 202610-K EDGAR
  8. Feb 5, 20268-K EDGAR
  9. Feb 5, 20268-K/A EDGAR
  10. Jan 14, 20268-K EDGAR
  11. Nov 19, 20258-K EDGAR
  12. Nov 4, 202510-Q EDGAR
  13. Aug 1, 202510-Q EDGAR
  14. Jun 17, 202511-K EDGAR
  15. May 7, 202510-Q EDGAR
  16. Feb 14, 202510-K EDGAR
  17. Feb 7, 20258-K/A EDGAR
  18. Feb 7, 20258-K EDGAR
  19. Dec 10, 20248-K EDGAR
  20. Nov 5, 202410-Q EDGAR

The 56 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

SEC filer profile

How ITC Holdings Corp. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARITC Holdings Corp.1
  • CIK0001317630
  • Employer ID (EIN)32-00580475
  • Filer statusNon-accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company5
  • Incorporated inMichigan5
  • Fiscal year endsDecember 311
  • Industry code (SIC)4911 Electric Services1
  • SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance1
  • Business address27175 Energy Way, Novi, MI 483771
  • Phone248-946-30001
  • Shares outstanding224,203,112 as of Jul 30, 202612
  • Public float$0 as of Jun 30, 20256
  • AuditorDELOITTE & TOUCHE LLP, Detroit, Michigan PCAOB ID 34; no auditor attestation of internal control over financial reporting5
  • On EDGAR sinceMar 29, 20051
  • Filings1,191 in all: 4 (440), 8-K (333), 425 (92), 10-Q (64), SC 13G/A (38), 3 (26), DEFA14A (23), 10-K (21)1
    All 43 form types

    SC 13G (18), 8-K/A (15), DEF 14A (11), 424B5 (9), S-8 (9), S-8 POS (9), UPLOAD (8), CORRESP (7), EFFECT (7), S-1/A (6), 5 (5), 424B3 (4), ARS (4), FWP (4), POS AM (4), S-3ASR (4), 4/A (3), 424B4 (3), S-4/A (3), 11-K (2), 15-12B (2), NO ACT (2), S-1 (2), S-4 (2), 10-K/A (1), 10-Q/A (1), 25-NSE (1), 424B2 (1), 8-A12B (1), CERTNYS (1), DEFM14A (1), DEFR14A (1), PRE 14A (1), RW (1), S-1MEF (1)

  • Latest filingsAnnual report (10-K) Feb 12, 2026
    Quarterly report (10-Q) Jul 31, 2026
    Proxy statement (DEF 14A) Apr 8, 2016
    Latest 8-K (8-K) Apr 1, 2026

Risk factors and legal proceedings

The risks ITC Holdings Corp. names in Item 1A of its 10-K filed Feb 12, 2026: 21 risks under these headings, as written.5

  • Risks Related to Our Business
  • Certain elements of our Regulated Operating Subsidiaries’ Formula Rates have been and can be challenged, which could result in lowered rates and/or refunds of amounts previously collected and thus may have an adverse effect on our business, financial condition, results of operations and cash flows.
  • Our actual capital investment may be lower than planned, which would cause a lower than anticipated rate base and would therefore result in lower revenues, earnings and associated cash flows compared to our current expectations. In addition, shifts in federal, state, or regulatory policies promoting increased competition, including competitive bid projects, may decrease future capital investment opportunities outside our five-year capital investment plan.
  • The regulations to which we are subject may limit our ability to raise capital and/or pursue acquisitions, development opportunities or other transactions or may subject us to liabilities.
  • Changes in energy laws, regulations or policies could impact our business, financial condition, results of operations and cash flows.
  • Each of our MISO Regulated Operating Subsidiaries depends on its primary customer for a substantial portion of its revenues, and any material failure by those primary customers to make payments for transmission services could have a material adverse effect on our business, financial condition, results of operations and cash flows.
  • A significant amount of the land on which our assets are located is subject to easements, mineral rights and other similar encumbrances. As a result, we must comply with the provisions of various easements, mineral rights and other similar encumbrances, which may adversely impact our ability to complete construction projects in a timely manner.
  • We contract with third parties to provide services for certain aspects of our business. If any of these agreements are terminated, we may face a shortage of labor or replacement contractors to provide the services formerly provided by these third parties.
  • Hazards associated with high-voltage electricity transmission may result in suspension of our operations, costly litigation or the imposition of civil or criminal penalties.
  • A cyber-attack or incident could have a material adverse effect on our business, financial condition, results of operations and cash flows.
  • We are subject to environmental regulations and to laws that can give rise to substantial liabilities from environmental contamination.
  • If amounts billed for transmission service for our Regulated Operating Subsidiaries’ transmission systems are lower than expected, or our actual revenue requirements are higher than expected, the timing of actual collection of our total revenues would be delayed.
The other 10 risks
  • Natural disasters, severe weather and other related phenomena, including those due to climate change, and the regulatory and legislative developments related to climate change, may have a material adverse effect on our business, financial condition, results of operations and cash flows.
  • We are subject to various regulatory requirements, including reliability standards; contract filing requirements; reporting, recordkeeping and accounting requirements; and transaction approval requirements. Violations of these requirements, whether intentional or unintentional, may result in penalties that, under some circumstances, could have a material adverse effect on our business, financial condition, results of operations and cash flows.
  • Changes in tax laws or regulations may negatively affect our financial condition, results of operations, net income, cash flows and credit metrics.
  • The widespread outbreak of an illness or other communicable disease, or any other public health crisis, could have a material adverse impact on our business, financial condition, results of operations, cash flows and credit metrics.
  • Acts of war, terrorist attacks and other catastrophic events may have a material adverse effect on our business, financial condition, results of operations and cash flows.
  • Advances in technology may negatively impact our business, financial condition, results of operations and cash flows.
  • Risks Relating to Our Corporate and Financial Structure
  • ITC Holdings is a holding company with no operations, and unless we receive dividends or other payments from our subsidiaries, we may be unable to fulfill our cash obligations.
  • We have a considerable amount of debt and our reliance on debt financing may limit our ability to fulfill our debt obligations and/or to obtain additional financing.
  • Adverse changes in our credit ratings may negatively affect us.
  • Certain provisions in our debt instruments limit our financial and operating flexibility.

Legal proceedings

We are involved in certain legal proceedings before various courts, governmental agencies and mediation panels concerning matters arising in the ordinary course of business. These may include proceedings such as contract disputes, eminent domain and vegetation management activities, regulatory matters and pending judicial matters. We cannot predict the final disposition of such proceedings. We regularly review legal matters and record provisions for claims that are considered reasonably estimable and probable of loss.

See Note 17 to the consolidated financial statements for a description of certain pending legal proceedings, which description is incorporated herein by reference.

The opening of Item 3, Legal Proceedings.5

Sources

The numbers on this page point here. Each one links to the record it came from.

  1. 1
  2. 2
  3. 3
  4. 4
  5. 5
  6. 6
  7. 7
  8. 8
  9. 9
  10. 10
  11. 11
  12. 12
  13. 13
  14. 14
  15. 15
  16. 16
  17. 17
  18. 18
  19. 19
  20. 20
  21. 21
  22. 22
  23. 23
  24. 24
  25. 25
  26. 26
  27. 27
  28. 28
  29. 29
  30. 30
  31. 31
  32. 32
  33. 33
  34. 34
  35. 35
  36. 36
  37. 37
  38. 38
  39. 39
  40. 40
  41. 41
  42. 42
    SEC EDGAROther events
  43. 43
  44. 44
  45. 45
  46. 46
  47. 47
  48. 48
  49. 49
  50. 50
  51. 51
  52. 52